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June 3, 2014

Posted  January 26, 2016

The SEC filed an emergency enforcement action to halt an ongoing fraud by Scott Valente and his Albany-based firm, the ELIV Group.  The SEC alleges that Valente and his company have fraudulently raised more than $8.8M from approximately 80 clients by falsely claiming they achieve outsized positive returns when in fact ELIV Group has earned no positive results at all, instead sustaining consistent investment losses for the past three years.  Meanwhile, Valente has been making substantial cash withdrawals of client funds and spending their money on his home improvements and mortgage payments as well as jewelry and a vacation condominium.  SEC

Tagged in: Misrepresentations, Securities Fraud,